November 27, 2024

Markets:

U.S. stock futures were little changed on Wednesday as traders await the release of the Federal Reserve’s favorite inflation gauge.

The personal consumption expenditures price index (PCE) is set for release at 10 a.m. ET. Economists polled by Dow Jones expect a year-over-year increase of 2.8% for the core reading, which excludes food and energy. Investors will look through the data for indications on how the Fed may proceed on its rate policy at its December meeting.

That comes a day after the Fed issued the meetings from its November meeting. While central bank officials said they anticipate more interest rate cuts coming down the pike, they said the pace of cuts would happen “gradually.”

Other key data out on Wednesday include personal income and consumer spending for October. That’s also scheduled to be released at 10 a.m. ET.

It’s a shortened trading week in the U.S., with the market dark for the Thanksgiving holiday on Thursday and set to close early Friday. Trading volume is anticipated to remain light.

Portfolio:

SPY came close to breaking above 601 yesterday but we really want to see a break and hold which would then set the stage for the next runway towards 6030-6040 range.  We expect even lighter volume today, especially in the afternoon as folks make off for the holiday break.  On Friday when we return for a half day type of session, expect even lower volumes.  However, its historically been a nice day for traders!  The real patterns will ignite next week once traders return from break.  But, we have so many sectors lighting up and love what we are seeing.  We enter the session holding setups in HUT, IONQ, TSLL, and NN.   

We want to also wish all our subscribers a wonderful and peaceful Thanksgiving for those who celebrate here in the U.S..  Enjoy your time and please come back ready as the last month of this wonderful year will ignite with force and we will be attacking it!